Summary
Intuit Inc. reported its financial results for the fourth quarter and fiscal year ended July 31, 2001. For the full fiscal year 2001, revenue increased by 15% to $1.26 billion, driven by strong performance in Quicken Loans, payroll, and consumer tax businesses. However, the company reported a net loss of $82.8 million ($0.40 per share) for the year, a significant decline from the $305.7 million net income ($1.45 per share) in fiscal 2000. The net loss in fiscal 2001 was primarily due to significant non-operating charges totaling approximately $187.3 million. These charges included write-downs and losses on marketable securities and other investments ($98.1 million) and increased acquisition-related costs ($89.2 million), largely from the accelerated write-down of goodwill. The prior fiscal year benefited from substantial gains on investments. For the fourth quarter, revenue grew 18% to $191.2 million, but the company posted a net loss of $61.3 million ($0.29 per share), which is typical for the quarter due to seasonal tax revenue dips and ongoing product development expenses.
Key Highlights
- 1Fiscal 2001 revenue grew 15% to $1.26 billion, indicating top-line growth.
- 2Net loss for Fiscal 2001 was $82.8 million ($0.40 per share), a significant reversal from Fiscal 2000's net income of $305.7 million.
- 3The annual net loss was impacted by $187.3 million in pre-tax charges, including investment write-downs and acquisition-related costs (goodwill amortization).
- 4Fourth-quarter revenue increased 18% to $191.2 million, driven by Quicken Loans and payroll.
- 5A net loss of $61.3 million ($0.29 per share) was reported for the fourth quarter, a typical seasonal occurrence for Intuit.
- 6Fiscal 2000 results were significantly boosted by a $481.1 million pre-tax gain from marketable securities and other investments.
- 7Balance sheet shows an increase in cash and cash equivalents and short-term investments, but a decrease in marketable securities and accounts receivable.